Economics of Pakistan B.Com (Part-II) Time: 3 Hrs Paper-III A/2017 Max. Marks: 100 TS — Note: Attempt any FOUR questions. All questions carry equal marks. Qi1: Discuss the political factors of economic development in Pakistan. QH2: Critically analyze the agricultural pricing policy in Pakistan. Q#3: Discuss the performance and problems of large scale manufacturing sector in Pakistan Q#4: Discuss the historical directions of Pakistan’s trade policy regimes. Q#5: Explain the concept of land reforms, Describe the important features of land reforms made by Government of Pakistan. Q#6: Discuss the development of means of transportation and communication and their role in Pakistan, Q#7: Discuss the role of banks in the economic development of Pakistan. Q#8: Write a detailed note on any two of the following: (a): Population growth in Pakistan (b): Measures to combat trade deficit in Pakistan. (c): Role of education in economic development of Pakistan = ‘MUST/BCom/A17/PLIAIUC2S:Business Law B.Com (Part-II) Time: 3 Hrs Paper-II A/2017 Max. Marks: 100 Note: Attempt any FIVE questions .All questions carry equal marks. What are the kinds of contract? Define consideration and its essentials’? What are the legal rules regarding minor? What are ways a contract can be discharged? Define bailment. What are the rights and duties of a Bailor? - What is agency? How agency is terminated. Differentiate between sale and agreement to sell? Define Negotiable instrument? Differentiate between promissory note and bill of Exchange. 9. Define Partnership. Explain its dissolution? 10.Define a common Carrier? What are rights and duties of Common carrier? eNO een eee MUST/BCom/A17/PIVIV/C135Fundamentals of Cost Accounting B.Com (Part-II) Time: 3 Hrs Paper-IV A/2017 Max. Marks: 100 Note: Attempt any FIVE Questions. All questions earry equal marks, Q.4 The Umar Manufacturing Company presents the following information on December 31, 2016:~ Inventories Opening Ending Material Rs.11,000 — Rs.12, 400 Work in process Rs.13,000 —_Rs.13, 600 Finished Goods Rs.17,600 —_Rs.20, 400 During the year purchases of material were Rs.3, 76,000. Direct labour cost incurred during the period was Rs.1, 40,000. Factory overhead is applied @ 50% of direct labour cost Required:- Prepare a cost of goods sold statement forghe year ended on December 31,2015, Q.2 From the following you are asked to compute: (a) Order Point (b) Minimum Limit (¢) Maximum Limit (d) Danger Limit Average daily requirements 20 units, Time required for receipt 50 days Economical order quantity 1000 units, Maximum daily consumption 30 units Minimum daily consumption 10 units, Time to get Emergency supply 5 days Q.3 — Zohaib Industry manufactures 500 fountain pens of Ali Company. The fountain pens have been manufactured costing: Material cost Rs.1500 Direct Labour cost, Rs. 100 Manufacturing Expenses Rs.500 ‘The quality contro! section observes that 25 fountain pens are below the standards which were sold for Rs.3 each, Required: Pass the Journal Entries, if the loss is to be charged to the specific job. Q4 _ On the basis of following information, calculate the earnings of worker X and Y under Straight piece basis. Standard production = 8 units per hour Normal time rate =Rs. 4 per hour In a9 hours day, X produced 64 units and Y produced 75 units.O.5 Factory overhead variance analysis for the year ended December 31, 2012 showed the following data. Budgeted factory overhead for capacity attained Rs.55, 000 Volume Variance (Cr.) Rs.2, 500 Budget Variance (Or.) Rs.1, 000 Required: (a) Actual Factory overhead for the year (b) Applied factory overhead for the year Q.6 A company has two producing and two service departments. For the month of September, 2014 the Direct Departmental expenses were as follows: Producing Department: A Rs.2,400 B Rs.2,800 ice it: © Rs.400 D Rs. 200 ‘The cost of service department C and D are allocated to other departments as follows: Cost of Department C: 10% toa 40% to B 50% to D Cost of Department D: 80% toA 10% to B 10% toc. Required: Prepare a statement to show the distribution of the service department's costs to the Production departments under Algebraic Method, Q7 Bee Star Company's Department-2 costs for December were: Cost from Department-1 Rs. 16, 320 Cost added in Department-2: Materials Rs. 43, 415 Labour Rs. 58, 100 Factory overhead Rs, §8, 575 ‘The quantity schedule show 12,000 units were received during the month from Department-One, 7, 000 units were transferred to finished goods and 5, 000 units in process at the end of December were 50% Complete as to materials cost and 25% complete as conversion cost. Required: Prepare the statement of Cost of production report Q.8 — What are the various classifications of Cost? 2.8 Differentiate clearly between Job order Cost Accounting and Process Cost Accounting Methods. Ser MUST/BCom/A17/PIVIV/C135ravic B.Com (Part-I) Time: 3 Hrs Paper-V A/2017 Max. Marks: : 100 Lene Aika (20) SPAMS BS LAL big ARN deiiaichar (ry Bye (Nl) SG sites te (I) DMG Daj C1) ghS Wot} (0) Baaly p82 Bw ry De Sadia (4) slale Ste JIS Ay (AY dares Sb (2) Die Gb +) apd gle hae har (PY GUS omeadabld (ry Whey beds CS fe (1) RASS) 1 at tas (0 dad Bi pli lee (*) pel Gari 4) NAKA) payer ght ne (2) W prt tie gp dary) (4+) (20) US fartyiirbylaseuhi oe PN ak yar (PANTS Gly (Fe gee wl gee) Shee sal ect (0) fH ol oe rei Sw ry diy os susasyry Hpah S17 py ctl yall gers cers (2) Ape pallet (ry (20) LfecE wes sbrbpew Vine t Sie ele UHH Bey ke ol (Dac Ae ule KQUASIUILE AU t MsGuel7- 6-5 - 4-305) (20) if rainhs. gi vets SoS ifie Suikinu woe Wo Oe ew ow RSV APE YRS Loti Bier ot Saw BM Lyk vere e (feb er) fer ESC!) Seb ise (ay SUS ey rer eral be Lacay (20) LOK tA ter tan ise teri bios ara ACe) HEI () ce ture rz Ub iLAAO) 2h pony (0) ele a Cuvier) ee) ne tgeh ie) eS bige) LEA LEM) -untUreheke LO LILO) ye VIF IL Cex io) Unt he 20") odsiG Oyu prtN iyLler ite) gece lerts) MUST/RCom/A17/PIVVICI35 sug (a ty (HN way ~ CH) 3 ag (a) -8yAuditing B.Com (Part-II) Time: 3 Hrs Paper-VII A/2017 Max. Marks: 100 Qt. Q.2. Q3. Q4. Qs. Q.6. Q7z. Qs. Qs. Note: Attempt any FIVE Questions. All questions carry equal marks. Define Auditing? Also explain the difference between Accounting and Audit Define interim Audie? Discuss its merits and Demerits? Explain the necessary information that the Auditor must collect before commencing a new Audit? Briefly discuss the rights and duties of an auditor of a Joint stock company? Under what circumstances an audit report may become qualified? Give specimen of such a report? Briefly explain the auditor's for Misfeasance and to third party? Illustrate your answer with the help of legal reference? Explain special points to be kept in mind during the audit of an insurance company? Define Investigation? What are its Characteristics? Explain the difference between manual and computerized Audit? Q.10. Define internal control? Describe the objective of internal control? MUST/BCom/A17/PLUVIUC135Advanced Accounting B.Com (Part-II) Time: 3 Hrs Paper-VI A/2017 Max. Marks: 100 —— Note: Attempt any FIVE questions, All questions carry equal marks. | Q.1. TA balance sheet of Zeeshan Ltd. on December 31, 2010 was as follows Liabilities ‘Amount_| Assets Amount Share Capital: ‘Sundry Assets | 6,00,000 25000 share of Rs. 10 each_|_2,50,000. Reserve Fund 110,000 Profit & Loss 70,000 Long term debts 170.000 Z 600,000 6,00,000 ‘The company decided to pay off long term debts by issuing ordinary shares of Rs. 10 each at Rs. 12.50 each, If further decide to issue bonus shares @ 40% of share capital. For this purpose, utilize profit & loss and the balance out of reserve fund, Required: Give Journal Entries and Re-draft the Balance Sheet. 20 Q2, | Rais & Co. purchase a machine on hire purchase system from Amir & Co. on I" January 2008. The cash price of the machine is Rs. 128,940, Payment is to be made as Rs, 20,000 on signing of the agreement and the balance in three equal installments of Rs, 40,000 each due on 31* December each year. Amir & Co charge 5% interest on outstanding balance. Rais & Co. charge depreciation @ 20% on written down value method each year. Required: Pass Journal entries in the books of Rais & Co and Amir & Co. 20 Q3. | A limited company was registered with an authorized capital of Rs. 500.000 divided following manner: 1000 shares to promoters against Preliminary Expenses 2000 shared to directors for cash 4000 shares to general public not allotted to applications of 2000 shares and their application money was refunded, Required: Record the above information in company’s books and show the | figures in Balance Sheet. | into 10,000 shares of Rs. 50 cach, On Ist Nov. 2010 company issued 7000 shares in the On 15" November, 2010 company received applications for 6000 shares. Shares were Q.4, | Arshad & Co., have a sales branch at Bannu and charge all goods sent to Branch at cost price plus 33 1/3 %, Itis arranged that all cash received by the branch is to be paid daily to the head office account with ABL and the necessary advice to the head office. Alll expenses are paid from head office. Particulars are as under: Stock on 1-1-2010 7 12,000 Goods sent to branch Debtors on 1-1-2010 1,500 Cash sent to Head Office 7,100 Rent, Rates, ett. 3,200 Salaries & Wages 4,800 Debtors on 31-12-2010 1,600 [ Stock on 31-13-2010 14,800 Required: Prepare Branch Account in the head office Ledgers for the year ended on December 31° 2010. 20 Q5. | What is Bank? What functions generally a bank performs as shown by section 7 of the Banking Companies Ordinance 1962? 20 Q6. | You are given the following particulars of a business having three departments: Particulars Purchases ‘Opening Stock | Closing Stock Department A | 1500 Units 200 Units 100 Units Department B | 1000 Units 300 Units 160 Units Department C 2000 Units 150 Units 200 Units ‘Additional Information: 1, Purchase was made at a total cost of Rs. 92,000 2. The percentage of gross profit on turnover is the same in each case. 3. Purchases and sale prices are constant for the last 2 years, 4,_ Selling price per unit: Dep-A Rs. 20 Dep-B Rs. 25 and Dep-C Rs. 30 Required: Prepare Departmental Trading Account. 2»Q.7._| What is Contingent Register? Where it is used. What is it meant for? 2 (Q8. | The following jis the balance sheet of ABC Enterprises for the year ended on December, 2012: Liabilities Amount ‘Asses Amount Share Capital 200,000 | Goodwill 120,000 Capital Reserve 40,000 | Fixed Assets 270,000 12% Debentures 100,000 | Stock 60,000 Profit & Loss A/C 60,000 | Investment (Short Term) | 20.000 Sundry Creditors 80,000 | Loose Tools 10,000 Provision for Taxation | 40,000 | Cash 60,000 Bank Overdraft 20,000 [ 340,000 540,000 Required: Calculate the following ratios with full working: 1. Current Ratio 2. Liquidity Ratio 3. Return on Equity Ratio | |__| 4. Proprietary Ratio 5. Debt Equity Ratio : hod Q.9. [A Lid. Company has 12% outstanding debentures of Rs. 300,000 o Ist January 2010. The ‘Company pays interest on 30" June and 31° December. The company purchased its own debentures for redemption from open market On 30" April, 2010-—--300 debentures @ Rs. 98 ex-interest. 20 On October, 2010 --—- 200 debentures @ Rs. 97 cum- interest On 31* December, 2010 ---- 100 debentures @ Rs. 99. Required: Pass necessary Journal Entries in the books of the company for 2010. QI0- | Khalid Garments (Ltd.) has the following Trial Balance as at 30th June 2000 _ Balances | Rs. Credit Balances Rs. Land & Building 77,500 | Share Capital(fully paid up) 100,000 (Cost Rs.100,000) (10000 shares of Rs. 10 each) Plant & Machinery 35,000 | General Reserve 23,000 (Cost:112,500) Preliminary Expenses 3,750 | Share Premium 10,000 | ' Stock on Ist July 1999 | 16,250 | Profit & Loss AIC 6.250) | Purchases 82,500 | Bank Loan @ 6% (Ist June 2000) | 50,000) | Salaries 12,500 | Sundry Creditors 8,750 General Expenses 3,750 | Sales 130,000 Directors Fee 750 ‘Auditor's Fee 500) | ‘Wages 15,000 ~ 7 | [Manufacturing Exp 5,000 | [Advertising 5,000 20 | [Octori duty 1,250 Sundry Assets 15,000 Patents 22,500 Cash in ad 3,750 ee ae ae 350,000 350,000 Adjustments: ea 1, The closing stock on 30th June 2000 was Rs. 13,750. i 2. The managing director is entitled to a commission of 5% on net profit before his | commission 3, General Expenses include prepaid insurance or Rs. 75. 4. A provision for Income tax to the extent of Rs. 3,750 is required. 5. Directors recommend Dividend @ 5% 6. Depreciation Plant and Machinery 10% and Land & Building @ 2% on fixed ; installment method. 7. Company has authorized capital of Rs. 400,000 of shares @ Rs. 10 each. Required: Prepare Trading & Profit & Loss Account and a Balance Sheet as on thatdate. |__| Good Luck! MUST/BCom/AI7/PLIVUCIS gSBusiness Taxation B.Com (Part-II) ‘Time: 3 Hrs Paper-I A/2017, Max. Marks: 100 “Wote:Attempt any Five Questions including Q.No.10, which s compulsory All question carry equal marks. Define the following terms with reference to the income tax ordinance, 2001 Accumulated Profit bBoard Dividend debt 2.Discuss the legal provision regarding the exemption of the following under the second schedule of Income tax ordinance 2003. ‘Profit on Debt b Facity of accommodation income of National investment trust dincome of certain institutions 3.Discuss the powers and functions of Regional commissioner of income tax ‘Discuss various types of assessment made by commissioner of income tax. 5.Define the following terms under the sales tax act 1980. Registered person braxfraud Time of supply tax 6.What are the various types of losses ? How can these losses be set off & caried forward ? ‘7.pain the efferent types of return fled under soles tax act 2990. ‘8.What do you mean by agricultural income ? ist taxable in pakistan ? Give atleast five examples of ‘agricultural income and five examples which are not agricultural incomes ‘9,Explain different test which are used to differentiate between capital and revenue Expenses, 110.Mr.Shahid 2 chief accountant in XYZ Ltd, earned the following income during the year ended 30- 06-2016: Basicsalary fs. 100000 p.m Usiity allowance s.10000 p.m Mecical allowance £15000 p.m. Other benefits areas follows “LRent free accommodation having monthly rent of Rs.20000 o cash in lieu thereof However,he will ‘opt to take accommodation. 2.Special allowance Rs.15000 3.Loan of R5.450000 is given to him which would remain outstanding during the year. Tax may be collected by the bank on cash withdrawal Rs.12000 and tax may be deducted by the ‘company during the year Rs.77500 Required:Calculate the tax payable by Mr.Shahid oH Taxable income Rate of tax 7 78S.750000 16 RS. 1400000 6.14500 + 10% of the amount exceeding s.750000 2 Ts, 1500000 to Rs. 1800000, ‘92000 + 15% of amount exceeding Rs.1500000 3 's1800000 to Rs. 2500000, 5.137000 117 5% of amount exceeding s1800000 A TT